Ran dom, I know this going in. Remember I am from a very sue happy state. I have limited liability policy , with no loan against my boat. I'm talking about having full coverage insurance. It is BS. I know 5 people from right here in Fl. 65-130 mph, 36 Skater, Manta , a couple double outboard Scarabs, Spectre, Fountain with 2x 1000's with no insurance and don't want insurance. It is just too much money for boats that will not be replaced, read your policy, see the words, pro rated, ACV, items not covered, racing, unsafe operation, operation in unsafe conditions and several other situations. Then you need an lawyer to argue what is safe operation and so on. How many people are being untruthful about hp, top speed, experience, who will be operating the vessell, boating coarses they never took? It can all bite you in the ass, they will catch you if there is deception and the ins. co. can get out of paying. A bank loan is the bottom line for most people having full coverage on hot rod boats that are not new, by the way mine is a 95. Almost a 10 year old boat, I would'nt get dick for big claim.